Tags: Empire | State | IPO | prices

Empire State Building IPO Prices at Low End of Range

The company that owns New York City's Empire State Building skyscraper priced its initial public offering at $13 a share on Tuesday, an underwriting source said, a price on the low end of the expected range of $13 to $15 a share.

At that price, Empire State Realty Trust Inc raised $929.5 million by pricing 71.5 million shares as planned.

Bank of America Corp and Goldman Sachs & Co, were lead bankers on the deal. The shares are expected to trade Wednesday under the symbol "ESRT" on the New York Stock Exchange.

The landmark building in Manhattan opened in 1931 during the Great Depression. At 102 stories, it stood as the world's tallest building until its lost its title in 1972 to the World Trade Center's North Tower. The realty trust also owns other buildings in Manhattan and Connecticut.

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The company that owns New York City's Empire State Building skyscraper priced its initial public offering at $13 a share on Tuesday, an underwriting source said, a price on the low end of the expected range of $13 to $15 a share.
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